Wills & Trusts
What is the difference between a “Will”and a “Trust”?
A traditional “Will” guarantees court proceedings after death, whereas, A “Trust” avoids the court process, altogether.
A Will is a vehicle thatinforms the probate court of your intentions, wishes and desires with regard to disposing your assets upon your death, and does not operate in case of disability. A Trust, on the other hand,provides directions regarding your intentions, in cases of disability and incapacity.
Even though a Willidentifies the individuals that you wish to act as your “Agents” after your death (called Executors), it does not dispose your assets. It does not distribute your assets to your beneficiaries; it only clarifies and identifies who should get what asset.
A Trust, as part of an “estate planning” (together with other estate planning documents), operates as the vehicle in disposing your assets during your disability and after your death, so that involvement in the probate court proceedings will be avoided altogether.
In short, if you wish for your beneficiaries to get entangled in probate court after your death so that they are allowed to receive what you left them in you will; a “Will” is all you need.
However, if you wish to eliminate the court process for your beneficiaries, then you are encouraged to create “a living trust- based estate plan”.